The U.S. District Court for the Southern District of New York acquitted three foreign exchange ("FX") traders on charges of conspiracy to manipulate benchmark currency rates (i.e., fix rates) after a jury determination. The acquittals follow prior guilty pleas involving five major banks that allegedly worked together to manipulate the global FX market. The pleas resulted in criminal penalties totaling about $3 billion.
The three former FX traders for Barclays PLC, Citigroup Inc. and JPMorgan Chase & Co., respectively, were previously indicted for allegedly coordinating their trading to affect fixes on the FX spot market.
Note: The acquittals are available for purchase through PACER.
Three pension funds sued several major broker-dealers and their affiliates for allegedly inhibiting competition in the stock lending market.
The Board of Governors of the Federal Reserve System is seeking to impose a fine and a permanent banking industry bar on a former head of a NY-based foreign exchange spot trading desk.
An investment bank agreed to pay $205 million as part of an agreement with the New York Department of Financial Services to settle claims of "unsafe and unsound" foreign exchange trading practices.
A bank holding company agreed to pay a fine of approximately $110 million to settle charges of failing to supervise foreign exchange traders' communications and activities.
A federal judge dismissed class action charges filed by foreign exchange investors against sixteen banks for allegedly causing indirect harm due to a currency-rigging conspiracy.
The Board of Governors of the Federal Reserve System fined a bank for unsafe and unsound practices in the foreign exchange markets.